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Economic Systems
Economic Systems
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Economic Systems
Flashcards
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1
Which is a socialist aspect of the American mixed economy?
education through high school is free
private health insurance marketplace
consumers can decide to buy wind energy from power company
American-made goods can be sold in all 50 states
2
Which of these is a characteristic of a command economy?
consumers can buy whatever goods they want
the proletariat produces goods that improve the economy
unions ensure fair treatment of workers
natural resource extraction is controlled by the states
3
How do the goals of socialism and capitalism differ?
socialism stresses choice
socialism stresses individual rights
capitalism stresses private ownership of businesses
capitalism stresses government regulation
4
Adam Smith wrote
Wealth of Nations
, which explained the concept of __________ economics.
communist
mixed
laissez-faire
socialist
5
Neverland has a centrally planned economy where everyone collectively owns the property and resources.
It is a free market economy.
It is a mixed economy.
It is a command economy.
It is a socialist economy.
6
Which term indicates ownership by an individual or business?
private property
state-controlled
collective control
collective property
7
What are the four factors of production?
producers, consumers, distributors, entrepreneurs
laissez-faire, bourgeoise, proletariat, invisible hand
labor, resources, capital, entrepreneurship
free enterprise, command economy, socialist economy, mixed economy
8
Albion has no government regulation of industries and uncontrolled access to resources.
It is a command economy.
It is a free enterprise economy.
It is a socialist economy.
It is a mixed economy.
9
What is the term for ownership of the means of production by all members of a group?
collective ownership
group property
social ownership
private property
10
What is the main goal of a mixed economy?
to ensure fairness in business
to promote individual and social rights
to get rid of high taxation
to gain private property
11
Utopia's government owns all of the industries, but people are still able to have private property.
It is a free market economy.
It is a command economy.
It is a laissez-faire economy.
It is a socialist economy.
12
Three basic types of economic systems are:
free market, command economy, mixed economy
what to produce, how to produce, who will receive the goods and services
individual rights, state rights, mixed rights
free market, natural resources, labor
13
In a true free market economy, what would occur?
workers would obtain fair wages by law
safety regulation would offer consumer protections
access to natural resources would be uncontrolled
successful producers would be given tax breaks
14
Which is one predicted result of a
laissez-faire
system?
better workplace conditions for workers
unlimited supply of consumer products
more government involvement in business
producers compete for resources
